NCLT approves Resolution Plan for Manpreet Estates LLP within 12 months of admission
Wadhwa Group to take over the entity, in a matter resolved by RP Amit Karia, partner of InCorp Restructuring Services (IPE)
MUMBAI, India, Oct. 9, 2024 /PRNewswire/ — RP Amit Karia, Insolvency Professional and partner of InCorp Restructuring Services LLP (an IBBI registered IPE Entity), has resolved the insolvency of Manpreet Estates LLP, for the real estate project located in Mumbai’s prominent Khar West locality. There were admitted claims of about INR 280 crores, and the matter was resolved at the Committee of Creditors (COC) level in around 5 months. The overall time taken to resolve the insolvency including the approval of the resolution plan by the Hon’ble NCLT, Mumbai was less than 12 months. With this resolution, Manpreet Estates LLP will be taken over by Wadhwa Group Holdings Private Limited, which is a part of The Wadhwa Group that has developed several key projects across Mumbai. The NCLT order in this regard was passed on October 7, 2024.
Amit Karia, a partner at InCorp Restructuring Services (IPE), said, “A quick resolution was necessary for the asset to be commercially viable. I thank the Committee of Creditors (COC), the resolution applicant and our team for resolving this matter in six months, while the industry average for real estate insolvencies is around 24 months. The IBC framework provided the necessary structure and speed to achieve a balanced resolution that maximizes value for all stakeholders.”
InCorp Restructuring Services LLP, led by RP Jayesh Sanghrajka, has been responsible for several resolutions and landmark cases, including Radius Estates and Developers Private Limited, Nirmal Lifestyle Realty Private Limited, Ashiana Landcraft Realty Private Limited, Anudan Properties Private Limited, SN Engineering Services Private Limited, Swapnil Promoters and Developers Private Limited and others. Over the last five years, the team has resolved claims worth more than INR 10,000 crores and helped more than 5000 homebuyers and slum dwellers get their long-awaited homes.
About The Wadhwa Group
The Wadhwa Group has a legacy of five decades as one of Mumbai’s leading real estate companies with 250+ landmark projects. The group is currently developing residential, commercial and township projects spread across approximately 4.1 million sqm. Some of their popular projects in Mumbai include Wadhwa Pristine, Atmosphere Phase 1, 25 South, The Capital, Vishwaroop IT Park, Trade Centre, and The Epicentre.
About InCorp Restructuring Services
InCorp Restructuring Services LLP is an Insolvency Professional Entity recognized by the Insolvency and Bankruptcy Board of India, with Certificate of Recognition No. IBBI/IPE/0129 and a group Company of InCorp India, the Indian entity of international InCorp Group – providing corporate services having presence in Singapore, Hong Kong, Indonesia, Philippines, Vietnam and Malaysia.
The IPE is led by a team of professionals comprised of Chartered Accountants, Company Secretaries, Advocates, MBAs having a vast combined experience and knowledge of more than 20 years spanning in the areas of Banking, Debt Restructuring, Business Turnaround, Fund Raising and Mergers and Acquisition which brings value to the resolution of a distressed company in any sector such as Infrastructure, EPC, Real Estate, Solar, Engineering, Cable and Wire, Hospitality, Diamond, Textile, Pharmaceuticals, Steel, Healthcare, Education etc.
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